Former Goldman Exec Predicts Long-Term Growth for Bitcoin

Despite the latest re-introduction of volatility to the Bitcoin market, several crypto entrepreneurs have doubled down on their bullish bets for 2019 and beyond, reports CCN. One of them is Greg Tusar, Goldman-Sachs’ former global head of electronic trading who has since shifted his attention to the budding crypto space.

Tusar said in a recent interview that price swings, such as those Bitcoin has experienced over the past week, will ultimately prove inconsequential to the broader market. In Tusar’s view, digital assets are a groundbreaking technology that’s guaranteed to become adopted on a global scale.

The expert likened Bitcoin’s current state to the bumpy early days of trading equities electronically, a practice that eventually became ubiquitous. Tusar praised the crypto space for the myriad of business opportunities it provides, especially to entrepreneurs savvy enough to get an early lead.

Tusar is determined to be a member of this group, and the industry veteran recently co-founded Tagomi Holdings, a digital brokerage group geared toward institutions and other large investors. With this venture, Tusar aims to utilize his experience working with classic trading platforms to create a crypto brokerage with the highest standards.

As he explained, his firm will offer the kind of professionalism and assurances that money managers and funds require to make a commitment. Among Tagomi’s more prominent backers are billionaire Peter Thiel and his joint-effort venture capital firm, Founders Fund.

Others in the space echoed Tusar’s support for crypto during a tumultuous period. Circle CEO Jeremy Allaire predicted that Bitcoin’s price will be far higher than it is now within three years’ time. Allaire sees this as a certainty because Bitcoin’s strong fundamentals remain unchanged regardless of price movement. According to him, scarcity, security and decentralization will only become more valuable as time progresses.

Fundstrat founder Tom Lee made similar comments in a recent note, stating that Bitcoin’s fair market value lies between $13,800 and $14,800. The price range, says Lee, is the result of an in-depth analysis of various metrics, such as the number of active wallet addresses, use per account and supply. Nonetheless, like Tusar, Lee urged crypto enthusiasts not to get bogged down in price discussion and instead enjoy the rapid developments in the market.

Cameron and Tyler Winklevoss, founders of the crypto exchange Gemini, have likewise continued to release products amid bearish stretches, insisting that the technology is here to stay.

Lee also pointed to the entry of institutional investors to the crypto market as the next big trend. Mike Novogratz, CEO of crypto investment firm Galaxy Digital, thinks Bitcoin and other tokens could soon see sizeable gains as institutions rush to catch up to other investors in cryptocurrency (much like retail investors did in 2017).

A new study released by BitMEX Research suggests that the recent BTC price dip is not the result of Bitcoin fundamentals but rather due to short-term factors. Read more about this here.

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